Gavin Patterson, CEO of BT will step down from his role later this year, following a meeting with the company chairman, Jan du Plessis.
“The broader reaction to our recent results announcement has ... demonstrated to Gavin and me that there is a need for a change of leadership to deliver this strategy,” said du Plessis.
BT has been going through a tough few months, announcing 13,000 job cuts last month, as well as growing pressure from BT's key shareholders, following the slump in the company's share price. Patterson will continue to serve as CEO until a successor is found, later in the year.
“It’s been an honour to lead BT since 2013, and serve as a member of the Board for the last 10 years. Throughout that time I’ve been immensely proud of what we’ve achieved, in particular the transformation of the business in recent years with the launch of BT Sport, the purchase and integration of EE, and the agreement to create greater independence for Openreach. That, combined with the critical expansion of our superfast broadband network to 27m customers, and our stated ambition to reach 10m homes with ultrafast broadband by the mid-2020s have fundamentally repositioned the company. BT is a great business and with the new management team I’ve recently put in place, is I believe very well positioned to thrive in the future,” he said.
The search for Patterson's successor has already begun. The company will consider a wide range of options over the coming months, but some analysts have suggested that BT Consumer Group's current CEO, Marc Allera, could be ideally placed to make the step up.